5 Real Estate Questions for Divorcing Couples
By Catherine New
Couples who are moving forward with a divorce this year in spite of market obstacles face tough choices: Keep the house and wait to sell until the market is better? Live together in the meantime? Sell now no matter what? When it comes to the house, arriving at a fair solution requires balancing financial decisions and weighing emotional pros and cons.
To help you frame the issues around divorce and real estate, here are a few questions from the experts:
1. Does it make economic sense to keep the house? Vicki Volper, a divorce mediator in Westport, Conn., says a couple needs to carefully consider whether keeping a property is a smart financial move. "Why do you need to keep the house? You may be house poor, and it doesn't make sense." If one partner ends up staying in the house, who will be responsible for the monthly expenses? Divorce arrangements can result in the non-resident half of the couple still footing the bills. "I know one case where the ex-husband mows the lawn because he doesn't want to pay for it," Volper says.